October 2015 Market Report

The Memphis Area Association of Realtors recently released the October 2015 Market Report. Average sales price from October 2014 to October 2015 was up 4.3%. “It’s a pretty stable market right now,” said Thomas Murphree, president of MAAR, in the monthly release. “And we’re ahead of last year’s pace.”

In October 2015, 1,336 total homes were sold, compared to 1,384 in October 2014, representing a 3.5 percent decrease. While the median sales price dipped from $125,000 in October 2014 to $120,000 in October 2015, the month’s average sales price actually increased. In October 2014, that figure was $150,231; in October 2015, it jumped 4.3 percent to $156,692.

For the month, sales volume surpassed 2014. In October 2014, the sales volume rested at $207.9 million. In October 2015, it reached $209.3 million for a slight gain of 0.7 percent.

In the year-to-date (YTD) comparison, all categories continued to outpace the previous year. Total home sales hit 13,307 in 2014 and 13,811 as of October 2015 — a 3.8 percent increase.

The median sales price YTD in 2014 was $120,910, and in 2015, it reached $125,500 for another 3.8 percent swing. The average sales price also experienced a slight YTD increase going from $154,633 in 2014 to $158,956 in 2015 for a 2.8 percent bump.

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